Question

Explain the effects of ‘worldwide economic depression’ on India, towards late 1920s. ​

Answer 1

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Explain the effects of ‘worldwide economic depression’ on India, towards late 1920s.

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In 19th century, colonial India had become an exporter of agricultural goods and an importer of manufactures.

The worldwide economic depression immediately affected Indian trade. India’s exports and imports nearly halved between 1928 and 1934. As international prices crashed, prices in India also plunged. Peasants producing for the world market were worst hit. Though agricultural prices fell, the colonial government refused to reduce revenue demands. Peasants indebtedness increased.

For example, Jute producers of Bengal.

In these depression years, India became an exporter of precious metals, notably gold.

Answer 2

India's trade was affected, exports decreased as international prices crashed. (ii) Agricultural prices fell due to which burners could not. sell their produce and the British government continued to take high taxes.

☆Mayank pandey .

Uttrakhand

class 12th